Armchair Philosophy, May 19th, 2020
Topic: What is the Economic Transaction of Human Activity?
In the simplest of terms, most people would likely consider economic transactions to be an exchange wherein money changes hands. I would like to propose a definition that contends with this idea. I would consider money to not be the defining factor of economic transactions, but that all choices that people make are economic transactions.
While studying economics I began to think of all human activity in terms of opportunity cost. Opportunity cost can loosely be defined as the concession that one must give up in order to obtain or accomplish a certain thing or task. As I realized that money is just one type of opportunity cost, I considered that it may not be the best metric by which to measure economic activity. Time, activities, and alternate products could all be kept or gained if you chose to not make the purchase that you made. And when you consider that money is just a stand-in for a good that the person you are trading with will eventually purchase with that money, I came to realize that transactions can have a far broader scope.
Since economic transactions can have costs that go beyond the money that trades hands, I decided to think more about this concept and break down what could really entail economic activity. Driving to pick up a product is a part of the cost of gaining that item. When people work for other companies, they are selling their labor for money. That is what it means to be an employee. But what about when neighbors choose to stop and speak with one another? If I spend 20 minutes speaking with my neighbor, that is 20 less minutes that I could spend working on this local. Even if not directly affecting my income or productivity, would this not be considered an exchange of my time for my neighbors? I believe it would be.
Economics is interesting in that it is really just a measure of human trade. But the exchanges that people make outside of business doors are rarely ever considered in economic terms. I find this to be odd, being that business transactions are really just initiatives to help people gain what they do not yet have, or perhaps more of something they have a finite amount of. I do not have a best friend inside of my own person to speak with, so I must rely on someone else to fill that role. Likewise, I do not have the ability the cattle or time to make my own beef, so I purchase beef. Both of these things involve interaction with another person to provide me with what I need/desire. The time or product I spend to gain these things is time I am not spending to gain other things of value to me. From a philosophical viewpoint, I see these actions as both being transactional in nature, and even economic. My personal economy has me trade all forms of goods, services, and other opportunity costs all in order to gain what I need and desire. I believe this to be the case for all people.
In summary, the economic transaction of human activity is the sacrifice or giving of personal opportunity cost to gain something of value. In this sense, economic transactions make up the majority of human activity, be there business involved or not. I believe that this is the healthiest way to view economics, as it enables people to understand economics on the most personal of levels.
If you agree or disagree with this concept, be sure to let me know in the comments below. I look forward to understanding your thoughts on the topic.
Just thought I'd share this comment I was trying to comment on a Lotus Eaters video. Btw, ya'll should follow the Podcast of the Lotus Eaters if you aren't already. Great analysis and discussion
It's been a while since I've made a video, and this time with a locals exclusive. A cherry on top that I managed to fit within the size requirements. I like making shorter form content like this, considering my tendencies to ramble. Having content exclusive for my followers here is something I'll be working on doing more and more. I'll be creating more value here for my subscribers as well, with some subscriber exclusive content in the future. No timeline promises, cause I think we know how I get when I make a ton of promises (go hardcore for a week and then fall flat on my face unable to keep up with the sprint, lol).
Anyhow, let me know your thoughts and questions below. Have a great day everyone!
A direct upload! It turns out I recorded a video just short enough to meet the minimum upload offerings that locals offers to small communities like mine. That means you guys get this exclusively on locals!
I didn't sleep much last night, so I decided this was the perfect time to mull over my confused thoughts on how businesses are viewed from a legal perspective. Businesses are somewhat legal enigmas to me. Corporations are kinda treated as persons so that they can be double taxed, but have other protections, other types of businesses aren't treated the same way. They're able to consolidate power like governments, yet aren't subject to any form of limitations in regards to violating natural rights the same way the government is, despite being treated somewhat like persons they can still buy each other. It's just very odd to me from a principled, legal, and philosophical position.
Anyhow, my ramblings here are just that, ramblings. Still, I am curious what you all think of this topic. ...
The 2020 election is over, and the battle has just begun. What do I expect to come from the end of the election? Will the legal suits turn over anything for this election, or will they mean something for later down the line? I reflect on these questions and more in this discussion, and I also reflect on some final thoughts relevant to the Rise and Fall of Empire Series, that, thus far, being episodes 8 through 10 of the Construct Cast. Let me know your thoughts, and if you have any reflections of your own from this year's political cycle or other developments that you can't seem to get off your mind in the comments below.
In this episode of the Construct Cast, I discuss my analysis of Sir John Glubb's The Fate of Empires and Search for Survival, with an emphasis on my own consideration for what it would take to help an empire survive, or reboot. If immortality for an Empire is impossible, is rebirth impossible in the same way? Let me know your thoughts in the comments below.
Editor's Note: Returning to the podcast versions of the Construct Cast, I want to catch our content up to the videos we have had released over the past month. I apologize for this getting away from me for a bit. With the rise in content production, I had allowed this to get away from me. We will be returning to audio podcast uploads of the Construct Cast as per our original regular schedule, at 12PM EST on the day of the original upload, going forward.
In this second Crossover podcast, we are once again recording with Kevin @Eng_Politics. His channel is a bastion of political thought and analysis from the perspective of a conservative engineer. Interested in diving deeper into my concept of Progressive Traditionalism and combating the concept with his own beliefs of what it means to be Conservative, we decided to put our definitions and beliefs to task in this crossover episode!
Be sure to check out Kevin's locals community here:
https://engineeringpolitics.locals.com/
And if you're more interested in the video version, here is a direct link:
https://engineeringpolitics.locals.com/post/235260/the-engineering-politics-podcast-30-conservatism-vs-progressive-traditionalism
So I just confirmed that, after a year off of the Keto diet, my Ulcerative Colitis (a type of IBS) is still not only in remission, but seemingly cured as if it never was there, including no more polyp growth.
This self-experiment has shown me that a prolonged period on Keto, about 2 years for me, was enough to create the long lasting effects to repair and cure my gastrointestinal system to complete recovery from what was supposed to be a lifelong, incurable illness. I still have a minor level proctitus at the exit, to put it in the least gross way I can think, but with the rest actually fully cured to where my new GI doctor asked if I was misdiagnosed originally is a major accomplishment.
For those seeking a source on how to get here like I did, I recommend following Thomas Delaur's YouTube channel for general inflammation control/healthy keto/ workout advice, only eat meat that is 100% Grass fed and pasture raised (including eggs), and drink a glass of Kefir at least once a week. Good ...
Controversial capitalist take, but I personally don't think stock ownership should give any power to the stockholders over business decisions. Buyouts and ownership should be separate from stock investment. How? There are various options to discuss. Why? Theoretically an investment firm could invest ownership stakes into every major investment firm over time and concentrate all of their investments to own controlling stakes across entire industries or even all publicly traded companies.
Actually, this isn't so theoretical if you look at BlackRock's partnerships with Vanguard and State Street. The three companies operate in virtual lockstep and theoretically wouldn't even need 51% collective ownership in the companies they invest in because any company with an array of other investors should have some theoretical minimum that they can guarantee will follow the leadership of these big 3 in most cases. I've seen estimates that they only need a collective 35% share to all but guarantee any ...
